Bitcoin, Gold Soar Amid Global Market Turbulence
The global financial markets experienced significant shifts last week as investors turned to alternative assets amidst turbulence in U.S. bond markets.
Bitcoin, often considered a safe-haven asset, rose above $77,000 on August 21 after experiencing a dip below $60,000 in June from its January high near $95,000.
Gold also gained momentum, climbing to $4,661 after dropping to around $4,000 in June from its record high earlier this year of over $5,300.
The market reaction was triggered by the U.S. Treasury Department's announcement on August 19 to at least double purchases of longer-term government debt following a bond sell-off.
On the same day, President Donald Trump urged Congress to advance crypto legislation, further boosting sentiment in the sector.